** Shares of oil and gas producer Hess HES.N fall 1.9% to $130.00 premarket

** Co reports lower Q1 profit, as it was hurt by weak oil prices

** HES says Q1 net income fell to $430 million, or $1.39 per share, from $972 million, or $3.16 per share, last year

** Q1 average realized crude oil selling price fall to $71.22/barrel from $80.06/barrel a year ago

** Co expects Q2 net production to be in the range of 480,000 boepd to 490,000 boepd

** However, Q1 adjusted profit of $1.81 per share managed to beat Wall Street expectations of $1.61

** HES is set to be acquired by energy major Chevron CVX.N in a $53 billion deal

** As of last close, stock was down marginally

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))